ReNew Records Net Profit of ₹609 Million in Q4 FY 2024, Up 723% YoY

Independent renewable power producer ReNew recorded a total revenue of ₹24.78 billion (~$296.85 million) for the fourth quarter (Q4) of the financial year (FY) 2023-24, a year-over-year (YoY) decrease of 4.4% compared to ₹25.92 billion (~$310.51 million). The decrease in total income was primarily due to lower revenue recognized for the company’s transmission projects.

The net profit for the quarter was ₹609 million (~$7.29 million), up 722.9% YoY from ₹74 million (~$886,491 million). This increase was primarily driven by higher operating revenue, gain on sale of assets, higher finance income and lower other expense.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹16.81 billion (~$201.36 million), up 39.9% YoY from ₹12.01 billion (~$143.88 million).

As of March 31, 2024, ReNew’s total portfolio consisted of 13,456 MW, and commissioned capacity was 8,871 MW, an increase of 11% YoY, of which 4,463 MW was wind, 4,309 MW was solar, and 99 MW hydro.

During the quarter, the company commissioned 69 MW of wind and 585 MW of solar capacity against 46 MW of wind and 170 MW of solar capacity during Q4 FY 2023.

Total electricity sold in the quarter was 4,231 million kWh, an increase of 9.2% over Q4 FY 2023. Electricity sold in the quarter from wind assets was 1,849 million kWh, an increase of 8.9% over Q4 FY 2023. Electricity sold in the quarter from solar assets was 2,348 million kWh, a rise of 9.6% over Q4 FY 2023. Electricity sold for the quarter from hydro assets was 34 million kWh, similar to Q4 FY 2023.

ReNew’s weighted average Plant Load Factor (PLF) for the quarter for wind assets was 18%, compared to 20% for Q4 FY 2023. The PLF for the quarter for solar assets was 25.5%, compared to 26.5% for Q4 FY 2023.

Full Year 2024

ReNew recorded an annual revenue of ₹96.53 billion (~$1.15 billion) in FY 2024, a YoY increase of 8.1% compared to ₹89.31 billion (~$1.06 billion). The increase in total income was primarily due to higher operational capacity, gain on the sale of assets, and finance income.

The annual net profit was ₹4.15 billion (~$49.72 million) compared to a net loss of ₹ 5.03 billion (~$60.25 million).

The annual adjusted EBITDA was ₹69.22 billion (~$829.2 million), up 11.6% YoY compared to ₹62 billion (~$742.71 million).

In FY 2024, the company commissioned 497 MW of wind and 794 MW of solar capacity, against 187 MW of wind and 227 MW of solar capacity in FY 2023. In addition, the company operationalized 270 MW of wind and 380 MW of solar capacity, generating pre-commissioning revenue through sales in the merchant market, taking the total revenue-generating capacity to 9,521 MW. The company sold 400 MW of solar capacity.

Total electricity sold during the year was 19,061 million kWh, an increase of 11.3% from the previous year. Electricity sold from wind assets was 9,906 million kWh, an increase of 14.7% over FY 2023. Electricity sold from solar assets was 8,765 million kWh, a rise of 8.6%. Electricity sold from hydro assets was 390 million kWh, a decrease of 6.4%.

ReNew’s weighted average PLF for FY 2024 for wind assets was 26.4%, compared to 25.5% for FY 2023. The PLF for solar assets was 24.6%, compared to 24.8% for the previous year.

The company’s Q3 revenue was ₹19.3 billion (~$232 million), up 20% YoY compared to ₹16 billion (~$193 million) in the same period last year.

ReNew led the annual solar module manufacturing capacity additions in the calendar year 2023, accounting for 19% of the total capacity additional, according to Mercom’s India Solar Market Leaderboard Report 2024.

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